Seagram heir lists Park Avenue penthouse

Seagram liquor heir Matthew Bronfman wants to sell his penthouse at 400 Park Avenue South for $12.5 million. The unit contains four bedrooms and four-and-a-half bathrooms, and it spans 3,592 square feet, according to the Wall Street Journal. Amenities in the building include a Jacuzzi, spa, screening room and golf simulator. Bronfman bought the unit[…]

Aerial warfare: Corcoran Sunshine files $30M suit at Billionaires’ Row supertall

Corcoran Sunshine Marketing Group is suing the developers of a supertall condominium at 111 West 57th Street for $30 million, alleging that self-sabotage, infighting and a battery of lawsuits “undermined and frustrated” its ability to market units. The suit, filed late Wednesday, contends that JDS Development Group and Property Markets Group breached its contract with[…]

Why it’s so hard to buy a house right now

U.S. home prices are the least affordable in nearly a decade. Affordability this quarter fell to the lowest since late 2008, Bloomberg reported. In May, the median price of a previously owned homes rose to a record $264,800. “Home price appreciation continued to outpace wage growth, speeding up the affordability treadmill for prospective homebuyers even[…]

State senate passes bill favoring the title insurance industry. Here’s what happens next

The New York State Senate  has passed another bill attacking strict new regulations on the title insurance industry. The bill, sponsored by Sen. Marty Golden (R-Brooklyn), essentially says that the Department of Financial Services vastly overstepped its authority when it imposed new rules on the title insurance industry earlier this year. It states that the[…]

Starchitect, schmarchitect? Why top-tier design doesn’t necessarily translate to premium prices in the Hamptons

In the Hamptons, oceanside compounds with formal gardens, turf tennis courts and sumptuous swimming pools are a given. Creating distinctions among its highbrow mansions can be, therefore, more about design than scale. That’s why top architects — think Stanford White and the Cross brothers — have been tapped to build one-off show homes on the[…]

Financial firm Evercore near deal to grow by 170K sf at Park Avenue Plaza

Evercore will more than double its lease-space at Park Avenue Plaza, as three major tenants in the 44-story tower are preparing to move out. The New York-based financial-services firm, which currently occupies 130,000-square-feet at 55 East 52nd Street, is in the final stages of a deal to take over 300,000-square-feet, according to Crain’s. The company[…]